Fashion retailer New Look announced it has selected Mike Coupe as its new non-executive chairman.
Coupe will replace Alistair McGeorge, this September 29, who has been with the company for a total of seven years. McGeorge served as chairman from 2011 to 2014, returning to the company in 2017 as executive chairman. Early 2020, Alistair stepped back to become non-executive chairman after Nigel Oddy took over as chief executive officer.
“I am delighted to be joining New Look at this moment in time,” Mike Coupe said in a statement. “As a leading womenswear brand known for its broad appeal fashion, the business has a significant opportunity to capitalise on through its omnichannel model and loyal customer base. I am looking forward to working closely with Nigel and the rest of his team to deliver long-term and sustainable growth.”
During his former position of CEO at Sainsbury’s lasting for a total of six years, Coupe oversaw the revamping of the supermarket’s Tu Clothing line and its acquisitions of Home Retail Group and Nectar.
“After four years as chairman, now is the right time for me to stand down,” said McGeorge. “New Look is in a remarkably better position now than it was when I returned to it in 2017. This is fundamentally due to decisive actions taken to restructure operationally and financially and to recover the broad appeal fashion and great value that New Look is known for, which has been led by Nigel and his team.”
The outgoing non-executive officer is stepping down following New Look’s revenue report, with the retailer facing an abrupt drop in its full-year revenue due to pandemic-related store closures. The decline was balanced out by an increase in online sales, with the company once again seeing a growth in its revenue by June this year.
McGeorge continued: “I leave the business in incredibly capable hands and the company will benefit greatly from Mike’s invaluable expertise, experience and oversight as it looks to continue on the positive trajectory it is set on.”